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Venezuela Currency: Its Value On The Black Market Is Now A Hundredth

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THIS month Venezuela’s currency, the bolívar, passed a melancholy milestone: its value on the black market is now a hundredth of what it is supposed to be at the main official exchange rate. The government insists that there are 6.3 bolívares to the dollar, but it will cost you 630 to buy one from a willing seller. As the country’s stock of hard currency shrinks and the central bank prints money to plug a huge budget deficit, the bolívar’s collapse is accelerating (see chart). It is worth a thousandth of what it was in 1999, when Hugo Chávez, Venezuela’s late autocrat, came to power.



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Venezuela, Jeremy Corbyn's favourite economy. The sad thing about this is that it's such an obvious scam whereby the government is selling dollars to the favoured few at 6.3 bolivars to the dollar, who turn around and multiply that money by 100 in the black market.

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